Report to policy owners 2025 Report to Policy Owners

To our policy owners:

For over 180 years, New York Life has existed for one purpose: to help families and businesses achieve financial security and peace of mind. That mission has not changed — even as markets fluctuate, technology advances, and the world moves faster than ever.

What matters most is this: When you need us, we are there.

In 2025, we delivered record-setting results while staying true to the long-term discipline that defines a mutual company. We earned $3.6 billion and grew surplus to $34.7 billion — strengthening the financial cushion that supports our guarantees. In November, we declared a $2.8 billion dividend to eligible participating policy owners, the largest in our company’s history and the continuation of a 172-year track record of paying dividends. We also maintained the highest possible financial strength ratings from all four major rating agencies.

These results are not just about a single year. They reflect a business model built for durability — one designed to perform across economic cycles so we can keep the promises we make to you.

As a mutual company, we operate for our policy owners, not shareholders. That alignment allows us to take the long view: investing in our financial strength, improving how we serve you, and building capabilities that will matter not just next quarter, but for years to come.

This year, we continued to modernize the way you interact with us — expanding digital tools, simplifying the purchase process, enhancing our mobile and web experiences, and streamlining the claims process so beneficiaries can more easily navigate one of life’s most difficult moments. At the same time, we invested in advanced technology, data and AI to make our operations faster, smarter, and more responsive — always guided by our commitment to security, ethics, and privacy.

While technology is an important enabler, it is not what defines New York Life.

Our strength comes from our combination of financial discipline and human guidance. More than 12,000 agents and advisors across the country work with individuals and families every day using our Protection-Powered Growth approach — bringing together the foundation of protection with the opportunity for long-term growth. It’s a holistic way of planning that helps you protect what matters most while pursuing your aspirations.

Our diversified business model also contributes to our resilience. In 2025, insurance sales grew 14%, annuity sales increased 40% and assets under management reached $892 billion. That breadth strengthens our capital position and enhances our ability to support participating policy owners over time.

Beyond our financial performance, we remain committed to strengthening the communities where we live and work. Through the New York Life Foundation, we continued our national leadership in bereavement support and expanded programs that create opportunity for young people. In 2025, the Foundation distributed more than $27 million in grants, reflecting our belief that supporting families extends beyond the policies we issue.

As we look ahead, our priorities are clear: maintain our financial strength, enhance the experience and value we provide to you, and invest for the long term so we can continue to make good on our promises — in any environment.

Thank you for the trust you place in New York Life. We are proud to serve you and committed to earning that trust for generations to come.

Sincerely,

Craig DeSanto
Chair, President & CEO
New York Life Insurance Company